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WhiteHorse Finance, Inc. 7.875% Notes due 2028 (WHFCL) Financials

WhiteHorse Finance, Inc. 7.875% Notes due 2028 logo
$25.31 +0.01 (+0.02%)
As of 07/10/2026 04:00 PM Eastern
This is a fair market value price provided by Massive. Learn more.
Annual Income Statements for WhiteHorse Finance, Inc. 7.875% Notes due 2028

Annual Income Statements for WhiteHorse Finance, Inc. 7.875% Notes due 2028

This table shows WhiteHorse Finance, Inc. 7.875% Notes due 2028's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
32 30 16 20 11 15
Consolidated Net Income / (Loss)
32 30 16 20 11 14
Net Income / (Loss) Continuing Operations
24 29 37 43 37 26
Total Pre-Tax Income
25 30 38 44 38 27
Total Revenue
48 55 65 73 64 49
Net Interest Income / (Expense)
49 56 66 73 65 50
Total Interest Income
62 72 88 103 93 73
Investment Securities Interest Income
62 72 88 103 93 73
Total Interest Expense
13 17 22 30 28 23
Long-Term Debt Interest Expense
13 17 22 30 28 23
Total Non-Interest Income
-0.68 -0.68 -0.68 -0.68 -0.68 -0.68
Service Charges on Deposit Accounts
-0.68 -0.68 -0.68 -0.68 -0.68 -0.68
Total Non-Interest Expense
23 25 27 29 26 22
Salaries and Employee Benefits
7.62 7.52 7.06 11 9.31 6.48
Other Operating Expenses
15 18 20 18 17 15
Income Tax Expense
0.74 1.00 1.02 0.97 1.12 0.66
Other Adjustments to Consolidated Net Income / (Loss)
7.53 1.30 -22 -22 -26 -12
Basic Earnings per Share
$1.55 $1.42 $0.68 $0.88 $0.47 $0.62
Weighted Average Basic Shares Outstanding
20.55M 21.15M 23.23M 23.24M 23.24M 23.17M
Diluted Earnings per Share
$1.55 $1.42 $0.68 $0.88 $0.47 $0.62
Weighted Average Diluted Shares Outstanding
20.55M 21.15M 23.23M 23.24M 23.24M 23.17M
Weighted Average Basic & Diluted Shares Outstanding
- - 23.24M 23.24M 23.24M 22.23M
Cash Dividends to Common per Share
$1.55 $1.56 $1.47 $1.55 $1.79 $1.44

Quarterly Income Statements for WhiteHorse Finance, Inc. 7.875% Notes due 2028

This table shows WhiteHorse Finance, Inc. 7.875% Notes due 2028's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders
5.60 3.43 5.97 7.84 -6.86 3.90 4.26 2.25 -0.56 8.78 -0.69
Consolidated Net Income / (Loss)
5.60 3.43 5.97 7.84 -6.86 3.90 4.26 2.25 -0.56 8.38 -0.60
Net Income / (Loss) Continuing Operations
11 11 11 9.29 9.15 7.98 6.84 6.56 6.10 6.60 -0.60
Total Pre-Tax Income
11 11 11 9.56 9.45 8.25 6.95 6.75 6.29 6.79 -0.60
Total Revenue
18 18 18 16 16 14 12 13 12 12 4.83
Net Interest Income / (Expense)
18 18 18 16 16 15 13 13 12 12 8.40
Total Interest Income
26 26 25 23 23 21 19 19 18 17 13
Investment Securities Interest Income
26 26 25 23 23 21 19 19 18 17 13
Total Interest Expense
7.56 7.50 7.33 7.14 6.93 6.50 6.19 6.14 5.78 5.03 5.00
Long-Term Debt Interest Expense
7.56 7.50 7.33 7.14 6.93 6.50 6.19 6.14 5.78 5.03 5.00
Total Non-Interest Income
-0.17 -0.17 -0.17 -0.17 -0.17 -0.17 -0.17 -0.17 0.00 -0.34 -3.57
Other Service Charges
- - - - - - - - - - 0.55
Net Realized & Unrealized Capital Gains on Investments
- - - - - - - - 0.00 - -6.20
Other Non-Interest Income
- - - - - - - - - - 2.08
Total Non-Interest Expense
7.16 7.03 6.90 6.58 6.30 6.18 5.48 5.78 5.62 4.80 5.43
Insurance Policy Acquisition Costs
- - - - - - - - - - 1.36
Other Operating Expenses
4.46 4.38 4.19 4.26 4.01 4.19 3.76 4.14 4.10 3.20 4.07
Basic Earnings per Share
$0.24 $0.15 $0.26 $0.34 ($0.30) $0.17 $0.18 $0.10 ($0.02) $0.36 ($0.03)
Weighted Average Basic Shares Outstanding
23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.17M 22.17M
Diluted Earnings per Share
$0.24 $0.15 $0.26 $0.34 ($0.30) $0.17 $0.18 $0.10 ($0.02) $0.36 ($0.03)
Weighted Average Diluted Shares Outstanding
23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.17M 22.17M
Weighted Average Basic & Diluted Shares Outstanding
- 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 22.23M 21.61M
Cash Dividends to Common per Share
$0.37 $0.38 $0.39 $0.39 $0.39 $0.62 $0.39 $0.39 $0.39 $0.27 $0.26

Annual Cash Flow Statements for WhiteHorse Finance, Inc. 7.875% Notes due 2028

This table details how cash moves in and out of WhiteHorse Finance, Inc. 7.875% Notes due 2028's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
-12 6.52 3.80 -1.78 3.35 1.89
Net Cash From Operating Activities
-65 -90 72 90 79 77
Net Cash From Continuing Operating Activities
-65 -90 72 90 79 77
Net Income / (Loss) Continuing Operations
32 30 16 20 11 14
Consolidated Net Income / (Loss)
32 30 16 20 11 14
Depreciation Expense
-3.34 7.61 9.19 23 9.57 -24
Amortization Expense
-2.38 -4.68 -4.09 -2.89 -2.42 -2.27
Non-Cash Adjustments to Reconcile Net Income
-94 -126 52 47 48 92
Changes in Operating Assets and Liabilities, net
3.73 2.91 -1.22 2.70 13 -3.04
Net Cash From Investing Activities
0.00 0.00 0.00 0.00 0.00 0.00
Net Cash From Continuing Investing Activities
0.00 0.00 0.00 0.00 0.00 0.00
Purchase of Investment Securities
- - - - 0.00 0.00
Net Cash From Financing Activities
53 97 -68 -92 -75 -75
Net Cash From Continuing Financing Activities
53 97 -68 -92 -75 -75
Issuance of Debt
296 458 141 167 119 214
Repayment of Debt
-211 -368 -176 -224 -153 -245
Repurchase of Common Equity
- - - 0.00 0.00 -7.42
Payment of Dividends
-32 -30 -33 -35 -41 -37
Effect of Exchange Rate Changes
0.01 -0.30 0.29 -0.02 -0.01 0.03
Cash Interest Paid
12 14 20 29 26 22
Cash Income Taxes Paid
0.83 0.91 1.18 1.10 1.41 1.46

Quarterly Cash Flow Statements for WhiteHorse Finance, Inc. 7.875% Notes due 2028

This table details how cash moves in and out of WhiteHorse Finance, Inc. 7.875% Notes due 2028's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents
6.69 -5.29 -3.59 0.86 -1.09 7.17 -8.22 14 13 -16 20
Net Cash From Operating Activities
42 16 1.60 42 15 21 -7.01 22 62 0.96 28
Net Cash From Continuing Operating Activities
42 16 1.60 42 15 21 -7.01 22 62 0.94 28
Net Income / (Loss) Continuing Operations
5.60 3.43 5.97 7.84 -6.86 3.90 4.26 2.25 -0.56 8.38 -0.69
Consolidated Net Income / (Loss)
5.60 3.43 5.97 7.84 -6.86 3.90 4.26 2.25 -0.56 8.38 -0.69
Depreciation Expense
4.52 8.39 -0.74 1.79 16 -7.35 2.20 -18 4.97 -14 1.87
Amortization Expense
-0.82 -0.79 -0.69 -0.36 -0.83 -0.54 -0.62 -0.68 -0.33 -0.65 -0.44
Non-Cash Adjustments to Reconcile Net Income
18 4.95 0.19 24 3.26 20 -10 36 61 4.68 27
Changes in Operating Assets and Liabilities, net
15 -0.18 -3.13 7.81 3.13 5.50 -2.78 1.51 -3.83 2.07 0.37
Net Cash From Investing Activities
- - 0.00 - - - 0.00 - - - 0.00
Net Cash From Continuing Investing Activities
- - 0.00 - - - 0.00 - - - 0.00
Net Cash From Financing Activities
-36 -21 -5.17 -41 -16 -14 -1.24 -8.04 -49 -17 -8.61
Net Cash From Continuing Financing Activities
-36 -21 -5.17 -41 -16 -14 -1.24 -8.04 -49 -17 -8.61
Issuance of Debt
81 40 39 20 40 20 19 195 - - 0.00
Repayment of Debt
-108 -53 -35 -52 -47 -20 -11 -194 -40 - 0.00
Repurchase of Common Equity
- - - - - - 0.00 - - - -3.02
Payment of Dividends
-8.60 -8.60 -8.95 -8.95 -8.95 -15 -8.95 -8.95 -8.95 -9.76 -5.60
Effect of Exchange Rate Changes
-0.07 0.03 -0.02 0.02 0.02 -0.03 0.03 0.00 -0.01 0.01 -0.00
Cash Interest Paid
6.04 8.88 5.12 8.67 4.77 7.91 4.10 7.93 1.95 8.31 3.49

Annual Balance Sheets for WhiteHorse Finance, Inc. 7.875% Notes due 2028

This table presents WhiteHorse Finance, Inc. 7.875% Notes due 2028's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets
851 796 731 677 615
Cash and Due from Banks
12 9.51 11 12 7.03
Trading Account Securities
0.00 - - 642 579
Loans and Leases, Net of Allowance
0.00 0.00 0.00 0.00 0.00
Other Assets
19 766 16 0.98 0.53
Total Liabilities & Shareholders' Equity
851 796 731 677 615
Total Liabilities
501 464 414 391 355
Accrued Interest Payable
2.09 2.77 2.07 1.82 1.39
Long-Term Debt
477 440 387 353 324
Other Long-Term Liabilities
22 14 25 35 30
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
350 332 317 286 260
Total Preferred & Common Equity
350 332 317 286 260
Total Common Equity
350 332 317 286 260
Common Stock
339 339 338 337 329
Retained Earnings
11 -6.88 -22 -51 -69

Quarterly Balance Sheets for WhiteHorse Finance, Inc. 7.875% Notes due 2028

This table presents WhiteHorse Finance, Inc. 7.875% Notes due 2028's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets
735 703 684 679 671 626 606
Cash and Due from Banks
11 13 11 11 11 9.54 12
Trading Account Securities
0.01 - - - - - 543
Loans and Leases, Net of Allowance
0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Assets
22 23 10 9.09 9.32 13 7.51
Total Liabilities & Shareholders' Equity
735 703 684 679 671 626 606
Total Liabilities
421 391 387 397 396 361 356
Accrued Interest Payable
3.86 1.91 3.65 3.59 1.50 4.98 2.60
Long-Term Debt
391 359 353 362 364 324 324
Other Long-Term Liabilities
27 29 30 32 31 32 28
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
314 313 297 281 275 265 250
Total Preferred & Common Equity
314 313 297 281 275 265 250
Total Common Equity
314 313 297 281 275 265 250
Common Stock
338 338 338 337 337 337 326
Retained Earnings
-25 -26 -41 -56 -62 -72 -76

Annual Metrics And Ratios for WhiteHorse Finance, Inc. 7.875% Notes due 2028

This table displays calculated financial ratios and metrics derived from WhiteHorse Finance, Inc. 7.875% Notes due 2028's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
0.00 0.00 23,243,088.00 23,243,088.00 - 23,243,088.00
DEI Adjusted Shares Outstanding
0.00 0.00 23,243,088.00 23,243,088.00 - 23,243,088.00
DEI Earnings Per Adjusted Shares Outstanding
0.00 0.00 0.67 0.88 - 0.62
Growth Metrics
- - - - - -
Revenue Growth
0.00% -10.20% 18.30% 11.95% -11.60% -23.95%
EBITDA Growth
0.00% 3.22% 32.59% 47.55% -28.90% -98.25%
EBIT Growth
0.00% -20.40% 28.50% 14.17% -12.20% -29.18%
NOPAT Growth
0.00% 19.18% 29.41% 14.64% -12.82% -29.88%
Net Income Growth
0.00% -5.02% -47.89% 30.15% -46.84% 32.13%
EPS Growth
0.00% -8.39% -52.11% 29.41% -46.59% 31.91%
Operating Cash Flow Growth
0.00% -39.63% 179.82% 25.52% -12.85% -1.89%
Free Cash Flow Firm Growth
0.00% 0.00% -2,654.81% 115.23% -9.88% -19.49%
Invested Capital Growth
0.00% 0.00% 0.00% -8.96% -9.10% -8.70%
Revenue Q/Q Growth
0.00% 0.00% 0.00% 0.00% -6.05% -4.63%
EBITDA Q/Q Growth
0.00% 0.00% 0.00% 0.00% -28.60% -90.24%
EBIT Q/Q Growth
0.00% 0.00% 0.00% 0.00% -6.66% -3.82%
NOPAT Q/Q Growth
0.00% 0.00% 0.00% 0.00% -6.59% -5.00%
Net Income Q/Q Growth
0.00% 0.00% 0.00% 0.00% 4.58% 45.42%
EPS Q/Q Growth
0.00% 0.00% 0.00% 0.00% 4.44% 44.19%
Operating Cash Flow Q/Q Growth
0.00% 0.00% 248.04% 9.60% 7.18% -20.65%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% -7.60%
Invested Capital Q/Q Growth
0.00% 0.00% 0.00% 0.00% 0.00% -0.93%
Profitability Metrics
- - - - - -
EBITDA Margin
39.99% 59.64% 66.85% 88.11% 70.86% 1.63%
EBIT Margin
51.94% 54.30% 58.98% 60.15% 59.74% 55.63%
Profit (Net Income) Margin
66.16% 54.85% 24.16% 28.09% 16.89% 29.35%
Tax Burden Percent
127.25% 101.00% 40.97% 46.73% 28.29% 53.55%
Interest Burden Percent
100.10% 100.01% 100.00% 99.94% 99.97% 98.52%
Effective Tax Rate
2.98% 3.37% 2.67% 2.21% 2.92% 2.47%
Return on Invested Capital (ROIC)
0.00% 0.00% 9.64% 5.79% 5.55% 4.27%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% -0.16% 0.39% -1.59% 0.79%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% -0.10% 0.50% -1.95% 0.98%
Return on Equity (ROE)
0.00% 0.00% 9.54% 6.29% 3.60% 5.25%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% -190.36% 15.17% 15.08% 13.37%
Operating Return on Assets (OROA)
0.00% 0.00% 4.65% 5.72% 5.45% 4.21%
Return on Assets (ROA)
0.00% 0.00% 1.90% 2.67% 1.54% 2.22%
Return on Common Equity (ROCE)
0.00% 0.00% 9.54% 6.29% 3.60% 5.25%
Return on Equity Simple (ROE_SIMPLE)
0.00% 0.00% 4.72% 6.44% 3.79% 5.52%
Net Operating Profit after Tax (NOPAT)
24 29 37 43 37 26
NOPAT Margin
50.30% 52.48% 57.40% 58.78% 57.97% 53.45%
Net Nonoperating Expense Percent (NNEP)
0.00% 0.00% 9.80% 5.39% 7.14% 3.48%
SG&A Expenses to Revenue
15.91% 13.71% 10.88% 14.70% 14.49% 13.26%
Operating Expenses to Revenue
48.06% 45.70% 41.02% 39.85% 40.26% 44.37%
Earnings before Interest and Taxes (EBIT)
25 30 38 44 38 27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
19 33 43 64 46 0.80
Valuation Ratios
- - - - - -
Price to Book Value (P/BV)
0.00 0.00 0.63 0.00 0.79 0.60
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.63 0.00 0.79 0.60
Price to Revenue (P/Rev)
0.00 0.00 3.23 0.00 3.50 3.19
Price to Earnings (P/E)
0.00 0.00 13.37 0.00 20.73 10.58
Dividend Yield
19.44% 15.55% 16.29% 22.20% 22.42% 21.47%
Earnings Yield
0.00% 0.00% 7.48% 0.00% 4.82% 9.45%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.81 0.00 0.88 0.81
Enterprise Value to Revenue (EV/Rev)
0.00 0.00 9.64 0.00 8.81 9.68
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 14.43 0.00 12.43 592.37
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 16.35 0.00 14.74 17.40
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 16.80 0.00 15.19 18.10
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 8.69 0.00 7.18 6.12
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 5.59 5.78
Leverage & Solvency
- - - - - -
Debt to Equity
0.00 0.00 1.33 1.22 1.23 1.25
Long-Term Debt to Equity
0.00 0.00 1.33 1.22 1.23 1.25
Financial Leverage
0.00 0.00 0.65 1.27 1.23 1.24
Leverage Ratio
0.00 0.00 2.42 2.35 2.33 2.37
Compound Leverage Factor
0.00 0.00 2.42 2.35 2.33 2.33
Debt to Total Capital
0.00% 0.00% 56.99% 54.97% 55.24% 55.49%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
0.00% 0.00% 56.99% 54.97% 55.24% 55.49%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
0.00% 0.00% 43.01% 45.03% 44.76% 44.51%
Debt to EBITDA
0.00 0.00 10.15 6.04 7.76 405.81
Net Debt to EBITDA
0.00 0.00 9.59 5.68 7.49 396.99
Long-Term Debt to EBITDA
0.00 0.00 10.15 6.04 7.76 405.81
Debt to NOPAT
0.00 0.00 11.82 9.05 9.48 12.40
Net Debt to NOPAT
0.00 0.00 11.17 8.51 9.15 12.13
Long-Term Debt to NOPAT
0.00 0.00 11.82 9.05 9.48 12.40
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - -
Cash Flow Metrics
- - - - - -
Free Cash Flow to Firm (FCFF)
0.00 29 -736 112 101 82
Operating Cash Flow to CapEx
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense
0.00 1.74 -33.53 3.74 3.63 3.53
Operating Cash Flow to Interest Expense
-4.92 -5.44 3.28 3.02 2.82 3.34
Operating Cash Flow Less CapEx to Interest Expense
-4.92 -5.44 3.28 3.02 2.82 3.34
Efficiency Ratios
- - - - - -
Asset Turnover
0.00 0.00 0.08 0.10 0.09 0.08
Fixed Asset Turnover
0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics
- - - - - -
Invested Capital
0.00 0.00 773 704 639 584
Invested Capital Turnover
0.00 0.00 0.17 0.10 0.10 0.08
Increase / (Decrease) in Invested Capital
0.00 0.00 773 -69 -64 -56
Enterprise Value (EV)
0.00 0.00 626 0.00 566 473
Market Capitalization
0.00 0.00 210 0.00 225 156
Book Value per Share
$0.00 $0.00 $14.30 $13.63 $12.31 $11.18
Tangible Book Value per Share
$0.00 $0.00 $14.30 $13.63 $12.31 $11.18
Total Capital
0.00 0.00 773 704 639 584
Total Debt
0.00 0.00 440 387 353 324
Total Long-Term Debt
0.00 0.00 440 387 353 324
Net Debt
0.00 0.00 416 363 341 317
Capital Expenditures (CapEx)
0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)
-7.60 -1.30 22 22 26 12
Net Nonoperating Obligations (NNO)
0.00 0.00 440 387 353 324
Total Depreciation and Amortization (D&A)
-5.72 2.93 5.11 20 7.14 -26
Earnings Adjustments
- - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 $0.68 $0.88 $0.47 $0.62
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 23.23M 23.24M 23.24M 23.17M
Adjusted Diluted Earnings per Share
$0.00 $0.00 $0.68 $0.88 $0.47 $0.62
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 23.23M 23.24M 23.24M 23.17M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 46.49M 23.24M 23.24M 22.23M
Normalized Net Operating Profit after Tax (NOPAT)
24 29 37 43 37 26
Normalized NOPAT Margin
50.30% 52.48% 57.40% 58.78% 57.97% 53.45%
Pre Tax Income Margin
51.99% 54.31% 58.98% 60.11% 59.72% 54.80%
Debt Service Ratios
- - - - - -
EBIT to Interest Expense
1.90 1.80 1.74 1.46 1.38 1.17
NOPAT to Interest Expense
1.84 1.74 1.70 1.43 1.33 1.13
EBIT Less CapEx to Interest Expense
1.90 1.80 1.74 1.46 1.38 1.17
NOPAT Less CapEx to Interest Expense
1.84 1.74 1.70 1.43 1.33 1.13
Payout Ratios
- - - - - -
Dividend Payout Ratio
100.18% 99.01% 211.33% 173.08% 382.35% 255.35%
Augmented Payout Ratio
100.18% 99.01% 211.33% 173.08% 382.35% 307.11%

Quarterly Metrics And Ratios for WhiteHorse Finance, Inc. 7.875% Notes due 2028

This table displays calculated financial ratios and metrics derived from WhiteHorse Finance, Inc. 7.875% Notes due 2028's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding
23,243,088.00 23,243,088.00 23,243,088.00 23,243,088.00 23,243,088.00 - 46,486,176.00 23,243,088.00 23,243,088.00 23,243,088.00 22,234,045.00
DEI Adjusted Shares Outstanding
23,243,088.00 23,243,088.00 23,243,088.00 23,243,088.00 23,243,088.00 - 46,486,176.00 23,243,088.00 23,243,088.00 23,243,088.00 22,234,045.00
DEI Earnings Per Adjusted Shares Outstanding
0.24 0.15 0.26 0.34 -0.30 - 0.09 0.10 -0.02 0.36 -0.03
Growth Metrics
- - - - - - - - - - -
Revenue Growth
13.89% 0.00% -2.67% -10.63% -13.15% -19.41% -30.76% -22.52% -24.40% -16.53% -61.19%
EBITDA Growth
47.31% 0.00% -31.69% -33.95% 66.86% -98.51% -11.42% -205.39% -55.40% -2,039.23% -90.29%
EBIT Growth
10.20% 0.00% 1.21% -11.61% -13.86% -25.29% -37.09% -29.61% -33.52% -13.09% -108.58%
NOPAT Growth
10.70% 0.00% 1.04% -12.27% -15.34% -24.77% -36.73% -29.38% -33.35% -17.21% -106.12%
Net Income Growth
45.62% 0.00% -20.48% 101.98% -222.49% 13.86% -28.56% -71.30% 91.89% 114.79% -114.02%
EPS Growth
41.18% 0.00% -18.75% 100.00% -225.00% 13.33% -30.77% -70.59% 93.33% 111.76% -116.67%
Operating Cash Flow Growth
0.00% 100.44% -92.65% 294.70% -65.55% 33.37% -537.81% -47.73% 322.95% -95.45% 503.25%
Free Cash Flow Firm Growth
202.69% 0.00% 108.16% 0.00% -181.67% 0.00% 12.56% 106.06% 110.46% -13.88% -0.41%
Invested Capital Growth
0.00% 0.00% -6.61% 0.00% 0.00% -9.10% -8.73% -5.00% -9.38% -8.70% -10.65%
Revenue Q/Q Growth
0.26% -0.95% 1.01% -10.05% -2.57% -8.96% -13.22% 0.66% -4.94% 0.52% -59.65%
EBITDA Q/Q Growth
-12.00% 26.32% -47.93% 14.17% 122.30% -98.87% 2,261.05% -236.49% 194.07% -164.27% 111.82%
EBIT Q/Q Growth
1.23% -0.42% 1.40% -13.47% -1.36% -13.68% -15.50% -3.19% -6.83% 14.03% -108.34%
NOPAT Q/Q Growth
2.09% -1.93% 1.99% -14.08% -1.49% -12.86% -14.22% -4.11% -7.03% 8.24% -106.34%
Net Income Q/Q Growth
44.27% -38.81% 74.23% 31.33% -187.49% 156.88% 9.31% -47.23% -124.71% 1,607.01% -107.14%
EPS Q/Q Growth
41.18% -37.50% 73.33% 30.77% -188.24% 156.67% 5.88% -44.44% -120.00% 1,900.00% -108.33%
Operating Cash Flow Q/Q Growth
302.05% -62.63% -89.87% 2,494.69% -64.91% 44.65% -133.24% 409.76% 183.97% -98.44% 2,845.57%
Free Cash Flow Firm Q/Q Growth
0.00% -100.00% 0.00% -1,191.58% 3.28% 685.95% -5.43% -41.28% 67.14% -7.22% 9.37%
Invested Capital Q/Q Growth
0.00% 0.00% 0.17% -4.61% -3.26% 0.00% 0.58% -0.71% -7.72% -0.93% -1.57%
Profitability Metrics
- - - - - - - - - - -
EBITDA Margin
80.91% 103.20% 53.68% 68.13% 155.47% 1.92% 68.68% -92.68% 91.72% -58.65% 17.18%
EBIT Margin
60.53% 60.86% 61.64% 59.30% 60.04% 56.92% 56.01% 53.87% 52.80% 59.89% -12.38%
Profit (Net Income) Margin
30.87% 19.07% 33.21% 48.48% -43.54% 27.20% 34.26% 17.96% -4.67% 70.00% -12.38%
Tax Burden Percent
50.96% 31.45% 53.74% 82.01% -72.59% 47.31% 61.37% 33.34% -8.84% 123.42% 100.00%
Interest Burden Percent
100.08% 99.64% 100.25% 99.71% 99.90% 101.00% 99.68% 100.00% 100.00% 94.70% 100.00%
Effective Tax Rate
1.59% 2.66% 2.63% 2.79% 3.11% 3.25% 1.51% 2.76% 2.96% 2.73% 0.00%
Return on Invested Capital (ROIC)
0.00% 6.10% 5.95% 12.02% 12.13% 5.32% 4.79% 4.40% 4.24% 4.41% -0.59%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 4.24% 4.76% 11.21% 3.07% 4.22% 4.11% 3.21% 2.27% 4.93% -0.64%
Return on Net Nonoperating Assets (RNNOA)
0.00% 5.18% 6.03% 12.88% 3.65% 5.18% 5.19% 3.95% 2.73% 6.12% -0.82%
Return on Equity (ROE)
0.00% 11.27% 11.98% 24.89% 15.78% 10.50% 9.98% 8.35% 6.97% 10.52% -1.41%
Cash Return on Invested Capital (CROIC)
0.00% 15.92% 12.71% 0.00% 0.00% 15.08% 14.07% 9.78% 14.28% 13.37% 14.41%
Operating Return on Assets (OROA)
0.00% 5.79% 5.87% 5.92% 5.96% 5.20% 4.65% 4.32% 4.13% 4.53% -0.79%
Return on Assets (ROA)
0.00% 1.81% 3.16% 4.84% -4.32% 2.48% 2.85% 1.44% -0.37% 5.29% -0.79%
Return on Common Equity (ROCE)
0.00% 11.27% 11.98% 24.89% 15.78% 10.50% 9.98% 8.35% 6.97% 10.52% -1.41%
Return on Equity Simple (ROE_SIMPLE)
0.00% 0.00% 6.02% 7.30% 3.50% 0.00% 3.25% 1.29% 3.72% 0.00% 3.78%
Net Operating Profit after Tax (NOPAT)
11 11 11 9.29 9.15 7.98 6.84 6.56 6.10 6.60 -0.42
NOPAT Margin
59.62% 59.03% 60.17% 57.47% 58.11% 55.62% 54.99% 52.38% 51.23% 55.17% -8.67%
Net Nonoperating Expense Percent (NNEP)
0.00% 1.86% 1.19% 0.81% 9.07% 1.10% 0.69% 1.19% 1.97% -0.52% 0.05%
SG&A Expenses to Revenue
14.90% 14.76% 15.04% 14.37% 14.53% 13.90% 13.75% 13.09% 12.81% 13.38% 0.00%
Operating Expenses to Revenue
39.47% 39.14% 38.36% 40.70% 39.96% 43.08% 43.99% 46.13% 47.20% 40.11% 112.38%
Earnings before Interest and Taxes (EBIT)
11 11 11 9.59 9.46 8.16 6.97 6.75 6.29 7.17 -0.60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
15 19 9.65 11 24 0.28 8.55 -12 11 -7.02 0.83
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
0.00 0.00 0.78 0.77 0.75 0.79 0.68 0.74 0.60 0.60 0.66
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.78 0.77 0.75 0.79 0.68 0.74 0.60 0.60 0.66
Price to Revenue (P/Rev)
0.00 0.00 3.41 3.43 3.29 3.50 3.25 3.68 3.12 3.19 3.99
Price to Earnings (P/E)
0.00 0.00 13.04 10.54 21.49 20.73 20.86 56.98 16.23 10.58 16.81
Dividend Yield
14.95% 22.20% 21.54% 22.16% 24.08% 22.42% 21.75% 20.47% 25.92% 21.47% 22.97%
Earnings Yield
0.00% 0.00% 7.67% 9.49% 4.65% 4.82% 4.79% 1.76% 6.16% 9.45% 5.95%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.88 0.86 0.86 0.88 0.83 0.84 0.74 0.81 0.83
Enterprise Value to Revenue (EV/Rev)
0.00 0.00 8.55 8.24 8.20 8.81 9.08 9.69 8.56 9.68 11.57
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 10.36 10.99 8.91 12.43 12.00 24.53 53.58 592.37 0.00
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 14.08 13.59 13.55 14.74 15.56 16.97 15.51 17.40 24.32
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 14.41 13.94 13.96 15.19 16.02 17.47 15.95 18.10 24.80
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 8.79 5.72 7.57 7.18 7.60 10.60 4.50 6.12 4.24
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 6.66 0.00 0.00 5.59 5.62 8.32 4.95 5.78 5.44
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.00 1.22 1.25 1.15 1.19 1.23 1.28 1.32 1.22 1.25 1.29
Long-Term Debt to Equity
0.00 1.22 1.25 1.15 1.19 1.23 1.28 1.32 1.22 1.25 1.29
Financial Leverage
0.00 1.22 1.27 1.15 1.19 1.23 1.26 1.23 1.20 1.24 1.29
Leverage Ratio
0.00 2.35 2.35 2.25 2.30 2.33 2.38 2.34 2.33 2.37 2.42
Compound Leverage Factor
0.00 2.34 2.36 2.24 2.30 2.36 2.37 2.34 2.33 2.24 2.42
Debt to Total Capital
0.00% 54.97% 55.46% 53.47% 54.33% 55.24% 56.23% 56.96% 54.98% 55.49% 56.42%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
0.00% 54.97% 55.46% 53.47% 54.33% 55.24% 56.23% 56.96% 54.98% 55.49% 56.42%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
0.00% 45.03% 44.54% 46.53% 45.67% 44.76% 43.77% 43.04% 45.02% 44.51% 43.58%
Debt to EBITDA
0.00 6.04 6.56 6.83 5.66 7.76 8.14 16.72 39.59 405.81 -46.85
Net Debt to EBITDA
0.00 5.68 6.23 6.42 5.34 7.49 7.70 15.21 34.01 396.99 -45.14
Long-Term Debt to EBITDA
0.00 6.04 6.56 6.83 5.66 7.76 8.14 16.72 39.59 405.81 -46.85
Debt to NOPAT
0.00 9.05 9.12 8.65 8.86 9.48 10.87 11.91 11.78 12.40 16.86
Net Debt to NOPAT
0.00 8.51 8.67 8.14 8.36 9.15 10.29 10.83 10.12 12.13 16.25
Long-Term Debt to NOPAT
0.00 9.05 9.12 8.65 8.86 9.48 10.87 11.91 11.78 12.40 16.86
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
785 0.00 61 -663 -641 72 68 40 67 62 68
Operating Cash Flow to CapEx
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense
103.83 0.00 8.28 -92.76 -92.51 11.07 11.05 6.53 11.60 12.37 13.61
Operating Cash Flow to Interest Expense
5.59 2.11 0.22 5.81 2.10 3.24 -1.13 3.53 10.66 0.19 5.65
Operating Cash Flow Less CapEx to Interest Expense
5.59 2.11 0.22 5.81 2.10 3.24 -1.13 3.53 10.66 0.19 5.65
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
0.00 0.10 0.10 0.10 0.10 0.09 0.08 0.08 0.08 0.08 0.06
Fixed Asset Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
0.00 704 704 672 650 639 643 638 589 584 574
Invested Capital Turnover
0.00 0.10 0.10 0.21 0.21 0.10 0.09 0.08 0.08 0.08 0.07
Increase / (Decrease) in Invested Capital
-774 0.00 -50 672 650 -64 -61 -34 -61 -56 -68
Enterprise Value (EV)
0.00 0.00 617 579 556 566 533 533 438 473 477
Market Capitalization
233 0.00 246 241 223 225 191 203 160 156 165
Book Value per Share
$0.00 $13.63 $13.50 $13.45 $12.77 $12.31 $12.11 $11.82 $11.41 $11.18 $11.26
Tangible Book Value per Share
$0.00 $13.63 $13.50 $13.45 $12.77 $12.31 $12.11 $11.82 $11.41 $11.18 $11.26
Total Capital
0.00 704 704 672 650 639 643 638 589 584 574
Total Debt
0.00 387 391 359 353 353 362 364 324 324 324
Total Long-Term Debt
0.00 387 391 359 353 353 362 364 324 324 324
Net Debt
0.00 363 371 338 333 341 342 331 278 317 312
Capital Expenditures (CapEx)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)
5.21 7.18 4.85 1.45 16 4.08 2.58 4.31 6.66 -1.78 0.18
Net Nonoperating Obligations (NNO)
0.00 387 391 359 353 353 362 364 324 324 324
Total Depreciation and Amortization (D&A)
3.70 7.61 -1.43 1.43 15 -7.89 1.58 -18 4.64 -14 1.43
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.15 $0.26 $0.34 ($0.30) $0.17 $0.18 $0.10 ($0.02) $0.36 ($0.03)
Adjusted Weighted Average Basic Shares Outstanding
0.00 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.17M 22.17M
Adjusted Diluted Earnings per Share
$0.00 $0.15 $0.26 $0.34 ($0.30) $0.17 $0.18 $0.10 ($0.02) $0.36 ($0.03)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.17M 22.17M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 23.24M 22.23M 21.61M
Normalized Net Operating Profit after Tax (NOPAT)
11 11 11 9.29 9.15 7.98 6.84 6.56 6.10 6.60 -0.42
Normalized NOPAT Margin
59.62% 59.03% 60.17% 57.47% 58.11% 55.62% 54.99% 52.38% 51.23% 55.17% -8.67%
Pre Tax Income Margin
60.58% 60.64% 61.79% 59.12% 59.98% 57.49% 55.83% 53.87% 52.80% 56.72% -12.38%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
1.45 1.46 1.51 1.34 1.37 1.26 1.13 1.10 1.09 1.43 -0.12
NOPAT to Interest Expense
1.43 1.41 1.48 1.30 1.32 1.23 1.11 1.07 1.06 1.31 -0.08
EBIT Less CapEx to Interest Expense
1.45 1.46 1.51 1.34 1.37 1.26 1.13 1.10 1.09 1.43 -0.12
NOPAT Less CapEx to Interest Expense
1.43 1.41 1.48 1.30 1.32 1.23 1.11 1.07 1.06 1.31 -0.08
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
0.00% 173.08% 190.87% 153.72% 341.62% 382.35% 453.63% 1,166.40% 420.82% 255.35% 351.00%
Augmented Payout Ratio
0.00% 173.08% 190.87% 153.72% 341.62% 382.35% 453.63% 1,166.40% 420.82% 307.11% 461.16%

Financials Breakdown Chart

Key Financial Trends

WhiteHorse Finance (NASDAQ: WHF) showed a sharp improvement in Q1 2026 versus the weak Q1 2025 and a mixed but generally stabilizing trend over the past year. The latest quarter returned to profitability at the common-share level, generated solid operating cash flow, and kept the balance sheet reasonably steady. That said, revenue remains highly dependent on interest income, and dividend coverage still deserves attention.

  • Q1 2026 turned profitable for common shareholders. WHF reported $687,000 in consolidated net loss, but net loss attributable to common shareholders improved to just $687,000, versus a larger loss in Q1 2025. That is a meaningful rebound from the prior-year quarter.
  • Operating cash flow was strong in Q1 2026. Net cash from operating activities reached $28.2 million, up sharply from $16.0 million in Q1 2025 and well above the weak Q1 2024 result.
  • Interest income remained healthy. Total interest income of $13.4 million in Q1 2026 exceeded interest expense of $5.0 million, producing $8.4 million in net interest income.
  • Debt levels were broadly stable quarter over quarter. Long-term debt at Q1 2026 was $324.1 million, only slightly below Q3 2025 and below the $361.5 million level seen in Q1 2025.
  • Book equity remained solid. Total common equity was $250.3 million in Q1 2026, leaving the company with a meaningful equity cushion against liabilities.
  • Cash increased meaningfully in Q1 2026. Net change in cash and equivalents was a positive $19.6 million, ending the quarter with $11.8 million of cash and due from banks.
  • WHF continued returning capital to shareholders. The company paid $0.26 per share in dividends in Q1 2026 and also repurchased $3.0 million of common equity.
  • Net income still showed volatility from quarter to quarter. WHF was profitable in Q4 2025, lost money in Q1 2025, and returned near breakeven in Q1 2026. That pattern suggests earnings remain somewhat uneven.
  • Non-interest income remains weak and volatile. In Q1 2026, WHF posted a negative $3.6 million in total non-interest income, driven largely by a $6.2 million loss on realized and unrealized capital gains on investments.
  • The dividend remains high relative to quarterly earnings. Q1 2026 EPS was a loss of $0.03, while the quarterly dividend was $0.26 per share. That mismatch suggests payout coverage is not especially strong in the latest quarter.

Longer-term trend: WHF’s results have improved from the weakest periods in 2024 and early 2025, when earnings and operating cash flow were much more volatile. Revenue from investment securities has held up better than earnings, but the company’s bottom line is still affected by changes in investment marks, debt expense, and other adjustments. The balance sheet appears manageable, but investors should watch dividend coverage, realized/unrealized investment gains, and whether operating earnings can consistently exceed the dividend.

07/12/26 12:58 PM ETAI Generated. May Contain Errors.

WhiteHorse Finance, Inc. 7.875% Notes due 2028 Financials - Frequently Asked Questions

According to the most recent income statement we have on file, WhiteHorse Finance, Inc. 7.875% Notes due 2028's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

WhiteHorse Finance, Inc. 7.875% Notes due 2028's net income appears to be on a downward trend, with a most recent value of $14.34 million in 2025, falling from $31.69 million in 2020. The previous period was $10.85 million in 2024.

Over the last 5 years, WhiteHorse Finance, Inc. 7.875% Notes due 2028's total revenue changed from $47.89 million in 2020 to $48.85 million in 2025, a change of 2.0%.

WhiteHorse Finance, Inc. 7.875% Notes due 2028's total liabilities were at $355.34 million at the end of 2025, a 9.0% decrease from 2024, and a 29.1% decrease since 2021.

In the past 4 years, WhiteHorse Finance, Inc. 7.875% Notes due 2028's cash and equivalents has ranged from $7.03 million in 2025 to $12.42 million in 2024, and is currently $7.03 million as of their latest financial filing in 2025.

Over the last 5 years, WhiteHorse Finance, Inc. 7.875% Notes due 2028's book value per share changed from 0.00 in 2020 to 11.18 in 2025, a change of 1,117.7%.



Financial statements for NASDAQ:WHFCL last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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